In a surprise move, luxury goods holding company, Richemont Group, said it will sell specialist watch brand, Baume & Mercier, to the Damiani Group, an Italian family-run jewelry business.
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The two companies released a brief joint statement Thursday saying the sale is expected to close in the summer of 2026 and remains subject to certain condition precedents. Financial terms of the transaction were not disclosed.
Damiani Group’s hard luxury goods portfolio comprises of the Damiani jewelry brand, Salvini, Bliss and Calderoni jewelry brands, as well as Venini, Italy’s artistic glassmaker based in Murano, alongside its luxury multi-brand watch and jewelry distributor Rocca.
Damiani said it intends to enhance the the watchmaker’s visibility and reach by leveraging its own extensive multi-brand distribution network and opening select mono-brand boutiques in strategic locations over time.
To ensure a smooth transition with the Damiani Group, Richemont will provide operational services for the Maison for an interim period of at least 12 months after closing, according to the joint statement.
Richemont and the Damiani Group said they “believe that Baume & Mercier’s long-term potential will be best realized as part of the Damiani Group, given its strong footprint in Italy, its multi-brand wholesale distribution model and its accessible positioning in the luxury watch segment,” the statement reads.
Baume & Mercier is one of the world’s oldest continuously operating watch companies, founded in 1830, although it has undergone significant changes in ownership and structure throughout its history.
Baume & Mercier was one of the first luxury brands to join the newly formed Richemont Group in 1988, along with Cartier, Rothmans International, Alfred Dunhill, Montblanc and Chloé.
The Richemont Group was founded in 1988 by South African businessman Johann Rupert, where he currently serves as chairman. Based in Switzerland, it is one of the country’s most valuable companies, with subsidiaries in the watch, jewelry, apparel and online retail industries. Its revenue in 2025 was €21.4 billion ($25.1 billion).
As a publicly traded luxury goods holding company, Richemont operates in three business areas: Jewelry Maisons with Buccellati, Cartier, Van Cleef & Arpels and Vhernier;
Specialist Watchmakers with A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin; and
Other, primarily fashion and accessories brands with Alaïa, Chloé, Delvaux, dunhill, G/FORE, Gianvito Rossi, Montblanc, Peter Millar, Purdey, Serapian as well as TimeVallée and Watchfinder & Co.
The Damiani Group was founded in 1924, in Valenza, Italy, known internationally at a center for goldsmiths. Its main brand, Damiani, is known worldwide for its gold and gem-set jewels that embody Italian design and style. The brand was also known for its celebrity endorsements and advertising campaigns.
The Damiani Group went public in 2007 but struggled financially, with its stock losing 75% of its value by 2019. That same year, the Damiani family led a successful takeover bid for the company, which remains privately held.
Damiani’s products are sold globally through a distribution network that includes a directly operated boutique network in 63 locations, including Milan, Rome, Paris, Beijing, Dubai, Tokyo, Hong Kong, Moscow, Singapore and Mexico City, alongside 16 franchised stores. Its largest market is in Italy.
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This story was originally published on forbes.com and all figures are in USD.
